Opinion Journal: Obama’s Middle-Class Tax Hike

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... you truly believe you can work full time and support the family on less than fifteen thousand dollars a year ... try ... the the the the ... welcome to Opinion Journal I'm Mary Kissel that was an excerpt from President Obama stated the Union address last night ... a lot of predictable calls for a higher minimum wage ... and higher taxes ... Heritage Foundation Chief Economist Steve Moore is here Steve ... what is it being IATA here with the president's economic plan what is he trying to achieve ... I gotta say something about that quote on them and wages campus side because it is is is a bald faced lie ... if you have kids figure in the head of the hosts hold in your on the minimum wage we have something called the earned Income Tax Credit Matt supplement your income so this idea that there are families with children earning fifteen cost allergy or simply yet what what's known as the to get the the ... the the the the president also didn't talk about all the people thrown out if or when a going away but said that I think the Europe clearly was this was the kind of Sandinista the plot hero Castro wing of the Democratic Party is moving way to the left a message ... of pure income redistribution of the pure class warfare ... tax the people the very top to give the money to the people about um ... no economic growth come out whatsoever against your point about well gee if we look for more jobs may be the middle class in the low income people wouldn't be suffered okay so it's a Robin it's tragically from the real value to get to the porch watch middle class ... let's talk about these tax proposal start with capital gains was right so this is amazing because you know President ... raise that when he came into office to Catholic and Stax was fifty percent then he wrote reprised it to twenty four percent and Alan Watts Teresa began ... to twenty percent that ... this would be the highest tax rate we've had since the late nineteen eighties the taxes on when you sell ... the ... stock of the monsters in here is the point present to say we need more investment in ten Americans want it to cut more investment Mr Preston Whitey one attacks people ... would do the investing if you tax something you get lots of it by the way ... you seen the evidence we wrote about this all the time of the last return all every time we raise the capital gains tax ... revenues from the cabin is tax code I'll because it's a voluntary calculate ok let let's Fubon is that the estate tax ... the purse up with the we had a sixty percent estate tax what's the rationale behind its thing ... just take from the ranch in don't just take it from its confiscate their well this is a tax you pay it back what's effect well the fact is with a sixty percent tax rate your taxing the family businesses in America the people polled ... who basically you know we invest our money as they build the that is needed the money to their kids right before the time ... well I mean I think the airwaves around the roots of the SAS would reduce reinvestment and this this is because if you if you can keep the money when you die you're just gonna spend it on or about broke ... up the bank tax that was amazing minus five Washington cap figure of Mary whether they want banks to be successful or not there when they fail to bail them out all the same but to suggest one one attacks from ... idea to have a negative effect on interest rates I think it's can happen I go but this is really just a tax hike on the rich because capital gains I don't wanna middle-class Americans to stop for gas well this would only go that you know abit only applied to the people of the very top of that look it's gonna lose revenue is on a side of that increase leverage its gonna lose revenue for the government if you go from twenty four to twenty percent why don't what why does and doesn't talk about what's good about this must what's good about about and ways to promote job growth ... I would burst with that said virtually every element of that speech ... was anti job September except for the part about free trade but ... hey it was a was really is hard to find and try to get Heritage Foundation better when I was I hated that I don't I know that covers